Business
Western Energy Services Corp. provides an operational update and files amended Q3 2009 interim financial statements and MD&A
Western Energy Services Corp. provides an operational update and files amended Q3 2009 interim fi...
About this update from Western Energy Services Corp.
[{"type":"text","content":"\n\n\n\nFeb. 24, 2010 (Canada NewsWire Group) -- CALGARY, Feb. 24 /CNW/ -- Western Energy Services Corp. (\"Western\" or the \"Company\") announced today that it has reviewed its options pertaining to financing proposed acquisitions and Western has determined that if a financing cannot be completed at $0.20 per share, due to discount restrictions imposed by the TSX Venture Exchange rules that limit any discount to no more than 25% of the market price, the Company may not be in a position to complete the proposed acquisitions and to execute its strategic plan.Based on the information herein, if one or more of the proposed acquisitions cannot be completed due to the inability to complete a financing the Corporation will only have limited assets from which to operate.In addition Western announces that it has amended and refilled its unaudited interim financial statements and management's discussion and analysis (the \"Filings\") for the interim period ended September 30, 2009. The Filings have been amended to remove the notice that there was no involvement by auditors as the statements have now been reviewed by Western's auditor. The Filings have also been amended to reflect corrections to various classifications on the balance sheet and statement of cash flows, as well as enhanced note disclosure.Western would also like to provide an update on its US operations and announces that due to the significant downturn in industry demand, Western will be ceasing its current operations in the United States effective immediately. Western has redeployed assets to its Canadian operations and completed the sale of a number of assets in the United States to date and is currently negotiating sales for the balance of these assets with various parties. The remaining asset sales are expected to be sold at less than their carrying values and will result in a write down. Western expects those sales to be concluded by April 30, 2010. An update of those transactions and the extent of the write down will be provided at a later date.About Western Energy Services Corp.The Company is a public energy services corporation operating in Western Canada and which trades on the TSX Venture Exchange under the symbol \"WRG\".FORWARD-LOOKING INFORMATIONThis press release contains certain statements or disclosures relating to the Company that are based on the expecta...